News aggregation site Digg is not for sale, says CEO Jay Adelson. Instead, the company will focus on building an independent business that reaches profitability as soon possible. This means cutting back its expansion plans and concentrating on projects with guaranteed revenues.
In September, Adelson claimed Digg’s revenues had tripled over the past year. Adelson now predicts revenues will triple again over the next year. He is also prophesying that Digg will reach profitability within a year, although some analysts are sceptical.
Digg raised USD28.7m in September from Highland Capital Partners, Greylock Partners, Omidyar Network and SVB Capital. Adelson says Digg may use the capital for acquisitions, claiming, ?there are Digg clones around the world in every country?.
News that Digg is not for sale brings to a close months of speculation in which potential buyers repeatedly leaked reports claiming a deal was imminent.
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